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Blockchain

What You Need to Know Before Using Blockchain Tech in Your Business

Republished by Plato

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Whether it’s because it attracts more clients or makes your processes more efficient, incorporating the right technologies can help your business succeed. One such technology is blockchain. Indeed, Yahoo states that the global blockchain market size is expected to grow to $39.7 billion in 2025. This is at least 13 times more than last year’s blockchain revenue ($3 billion). If you want to keep up with the competition, consider incorporating blockchain into your business.

However, before you do so, there are a few things you have to think about. Here are some of them:

Uses

The first thing you have to consider is what you’re going to use blockchain for. Its most widespread use is cryptocurrency, which is a form of payment that’s distributed using blockchain. Bitcoin and Ethereum are some examples. Using crypto has plenty of advantages. For example, since it doesn’t employ the services of a payment provider, it has lower fees. This is also why money flows much faster. Some of the biggest companies in the world like Microsoft, Subway, and Newegg, have already begun accepting crypto as payment.

However, crypto isn’t the only thing that blockchain offers. In our previous article ‘How Startups & SMBs Can Benefit From Blockchain’, we mentioned some of blockchain’s other uses like distributed applications (Dapps) and smart contracts. Dapps function like normal apps, except they run on a blockchain. This means that no entity fully controls it (even you), increasing its security. There’s also little to no downtime since, again, it doesn’t rely on the technology of a third-party provider.

Meanwhile, smart contracts are self-executing programs where the terms between all involved parties are written directly onto the blockchain. It automatically signs itself when the predetermined conditions are met and can’t be tampered with.

Other blockchain functions you may want to consider include but are not limited to: cloud storage, decentralized voting, and patent filing. Amazon is even working on a new electronic tracking system that will function on the blockchain. From customers to distributors, it will grant every party real-time visibility of the package as it moves to its destination. Any software that needs additional security, speed, and transparency can be built on a blockchain.

Security

No matter what industry you operate in, your company’s security is a top priority. From customer information to business transactions, hackers have made businesses their top targets. And with blockchain and cryptocurrency becoming the next frontier of finance, cyber crime is increasingly targeting companies in this field. A report from the Information Systems Security Association states that the world needs at least 4 million more properly trained cyber-security professionals to defend organizations from attacks.

This has led to a drive from higher education institutes schools to develop security programs, both on-campus and online, that will encourage graduates to enter the field. Many of these establishments include work experience within their courses. Students taking Maryville University’s online cybersecurity program are trained within the institution’s Cyber Fusion Center. Through the Cyber Fusion Center, they develop technical hacking and analytical skills in a protected environment and then apply them to real world situations through partnering with a company. Students can even specialize in defensive techniques, so they can help businesses eliminate vulnerabilities and preserve their data integrity. Other institutions like Purdue University Global and the University of Kent are offering similar programs.

Each transaction on the blockchain is secured with a private key. Plus, blockchain uses a consensus model to verify every transaction. Every new block is stamped by multiple computers all over the world. This ensures that every piece of information that passes through the ledger can’t be tampered with. However, blockchain’s security isn’t perfect. For example, hackers can take nodes offline to break the blockchain’s security structure. They can also steal keys to gain access to the files. This is why blockchain is now a key part of modern cybersecurity courses and training programs, with specialists in the field highly sought after.

Types

Every bit of software that is created on the blockchain will fall under two types—public and private—and you have to choose which one best fits the software that you’re building. A public blockchain is the common definition of the technology. The data is validated by global systems and can’t be edited. Crypto and most smart contract apps are good examples of this. On the other hand, a private blockchain is only used and governed by a single entity. Those who want to enter the network need your permission. Permissions can also be amended according to the employee’s level of access.

Both have their advantages and disadvantages. For example, software on public blockchains is more expensive, since it will require more time to check transactions. However, it’s also more transparent. Meanwhile, software on private blockchain loses one of the most defining features of the technology: decentralization. Since the network is governed by you, data is more private but less transparent. Fortunately, it’s also easier to scale, making it ideal for enterprise solutions. Sectors that deal with really sensitive information, like the finance industry and the government, can also benefit from private blockchain software.

Recently, however, people have begun developing a hybrid blockchain solution for those that want the main advantages of both (security and transparency). Called “co-chains,” Hackernoon’s experts explain that this environment lets both blockchain types communicate under one umbrella. Technically, the software still operates on the public blockchain, but the owner can choose its own validators. Plus, the program runs its own consensus algorithm. Companies like Algorand, Polkadot, and Kadena are already working on refining the process.

Getting started

All that said, here are some questions you might want to ask yourself before you incorporate blockchain into your business:

Who do you want to be in control? This affects how transparent and fast the system is going to be.

How secure do you want the software to be? This will affect the software’s cost.

What is your budget for the blockchain-integrated software? The lower your budget, the more you have to rely on the public ledger.

Who needs access to the blockchain data? If your customers, for example, don’t need to see the information, then a private blockchain software might meet your needs better.

Blockchain is a multi-faceted system that has a lot of uses, considerations, and costs that you need to think about. So, never skip the research. Blockchain has a lot of benefits, but its solutions are not one-size-fits-all.

Piece specially prepared for primafelicitas.com

Prepared by: JBranen

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Source: https://www.primafelicitas.com/what-you-need-to-know-before-using-blockchain-tech-in-your-business/?utm_source=rss&utm_medium=rss&utm_campaign=what-you-need-to-know-before-using-blockchain-tech-in-your-business

Blockchain

ConsenSys-Backed Virtue Poker to be Launched on Superstarter, SuperFarm’s Launchpad

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Virtue Poker, the decentralized poker platform built on top of the Ethereum blockchain, will hold an initial DEX offering (IDO) on SuperStarter. The announcement follows a successful round in which VP closed funding worth $5 million.

Virtue Poker to Hold an IDO

Founded in 2016 within ConsenSys, Virtue Poker is an Ethereum-based decentralized poker platform enabling peer-to-peer networking aiming to operate as an “online poker site that’s safe, honest, and fund.”

After a few years of development, the project announced the upcoming IDO in a press release shared with CryptoPotato earlier. The statement reads that VP has partnered with SuperFarm’s recently released launchpad SuperStarter.

Apart from handling the IDO procedures, SuperFarm will be involved in other initiatives following the event, such as integrating non-fungible tokens into Virtue Poker.

“We are excited to be helping spread NFT adoption to new types of ecosystems and use cases. Virtue Poker makes for an excellent partner for our recently introduced SuperStarter platform, showcasing its enormous benefits to the SuperFam community and the high caliber of projects wishing to integrate NFTs in their stack.” – commented Elliot Wainmann – Founder of SuperFarm.

According to the announcement, VP will put a small portion of its native coin (VPP) for sale on SuperStarter. Future token holders can stake their assets to run Justice Nodes and earn 50% of the platform’s fees.

Additionally, they will access marketing initiatives, save on fees, and “shape the development of the Virtue Poker platform.”

Ryan Gittleson, Founder and CEO of VP, noted that his project was built on Ethereum because the latter enables the creation of a “provably fair and easy-to-access poker platform,” which could be “revolutionary for the multi-billion-dollar online poker industry.”

Securing $5M Funding

Before the IDO announcement, Virtue Poker completed a strategic investment round of $5 million in April 2021. Apart from Consensys, other prominent names that took part included Pantera Capital and DFG Group.

Furthermore, the statement highlighted that the Poker Hall of Famer Phil Ivey is a stakeholder and a spokesperson for the project.

Virtue Poker also touched upon the license it received from the Malta Gaming Authority. After working together for “nearly two years in establishing a regulatory framework,” VP became the “first and only blockchain-based company” to receive such a license from MGA.

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Source: https://cryptopotato.com/consensys-backed-virtue-poker-to-be-launched-on-superstarter-superfarms-launchpad/

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Blockchain

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations

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In yet another move of further Bitcoin adoption, the American money transfer giant, MoneyGram, will allow users to buy and withdraw bitcoins from various brick-and-mortar locations.

  • Cryptocurrencies continue to occupy the center stage of the fintech industry following a massive rally in both prices and popularity.
  • Plenty of blue-chip and publicly traded companies have begun accepting bitcoins for their services, and some have even added it to their balance sheet, Tesla and MicroStrategy included.
  • Now, it appears that the latest company to jump on the bandwagon with a move towards serious mass adoption is MoneyGram.
  • The money transfer mogul has partnered up with the cryptocurrency exchange Coinme.
  • The fruit of this collaboration is a feature that allows people to buy bitcoin and withdraw it from brick-and-mortar locations within the US.
  • According to a CNBC report, in the coming weeks, existing and new Coinme users will be able to buy crypto with cash and withdraw it from MoneyGram’s conventional locations.
  • Speaking on the matter was Alex Holmes, MoneyGram’s CEO and Chairman, who said:

This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.

  • The move comes soon after PayPal made its foray into the market, allowing millions of merchants to accept crypto for payments.
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Source: https://cryptopotato.com/moneygram-to-enable-users-to-buy-bitcoin-and-withdraw-it-from-birck-and-mortar-locations/

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Blockchain

Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

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Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his computer last year.

CSW Granted Permission to Go After Bitcoin Developers

CryptoPotato reported in late February when Wright and ONTIER announced plans to pursue legal action against the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC).

The firm acted on behalf of Tulip Trading Limited (TTL) – a Seychelles-based entity with Wright being the primary beneficial owner. In the statement, both parties claimed that Wright’s computer was hacked in 2020, and the perpetrators somehow stole his private keys to two addresses, which held over $4 billion in bitcoin.

Consequently, the law firm requested that the developers “enable TTL to regain access to and control of its bitcoins on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.”

Although their claims seemed a bit controversial, to say the least, the firm has been allowed to go forward and serve the developers, according to a statement made by ONTIER on May 12th.


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It reads that the firm has “commenced the process of serving legal proceedings on 16 Bitcoin developers.” The company was granted permission to serve them out of the jurisdiction by the Business and Property Courts of the High Court in London after 145-page application submission.

The statement highlighted once again that “Dr. Wright is the inventor of Bitcoin” and described TTL as the real victim in this case.

“Tulip Trading is, purely and simply, a victim of theft. The hacking was first reported to the police in February last year. TTL has not been granted permission to seek recovery of its access to and control of its digital assets from those in a position to remedy its loss. The fact that someone has stolen TTL’s digitally-held, encrypted private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”

To Help the Masses

As with the first statement in February, ONTIER and Wright asserted that if this case succeeds, it could help numerous others victims that have been hacked in the past.

“In what may prove to be a huge relief to many, a ruling in Tulip Trading’s favor would have considerable implications for those who have lost access to their Bitcoin or had coins stolen.”

This is far from being Wright’s first controversial legal endeavor related to the cryptocurrency industry. After claiming, without conclusive evidence, though, that he is indeed Satoshi Nakamoto, his lawyers recently warned two bitcoin-related websites to remove the asset’s whitepaper as he supposedly owns legal rights to the document and the Bitcoin name.

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Source: https://cryptopotato.com/craig-wright-allowed-to-serve-16-bitcoin-developers-over-4b-of-stolen-btc/

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